Key Takeaways

• BTC reached a five-month high, nearing USD 63K. Many commentators linked the rally to the eventual approval of the upcoming BTC ETF by the U.S. Securities and Exchange Commission. 

• Ecosystem incentives and partnerships continued after Binance Smart Chain announced its $1B growth fund, Sushi and Celo launched their $12.6 liquidity mining rewards, and Morningstar invested $15M in Elrond’s ecosystem. 

• Trader Joe launched Banker Joe as a lending protocol on Avalanche, propelling Trader Joe’s total value locked (TVL) from $0.9B to almost $2B this week.

• Overall, all indices grew. The price, volume, and volatility indices increased 2.13%, 0.37%, and 92.83%, respectively.

Highlights

• Report: Driven by DeFi, North America’s crypto volume up 10 times

• Binance to launch $1B fund to develop BSC ecosystem

• THORSwap relaunches cross-chain trading on four of five networks

• Uniswap Labs hires former obama spokesman as DC’s DeFi scrutiny ramps up

• Sushi launches $12.6M liquidity mining program on Celo

• Polkadot sets date for hotly anticipated Parachain auctions

• CFTC finds no issues with Tether’s operations, but imposes $41M fine 

• Olympus DAO V2

• Over 160 projects will launch on Terra (LUNA) early next year

• Browser-based DeFi wallet XDEFI launches public version

• Decentralised exchange Futureswap raises $12M from Ribbit Capital and others

• Investors to reap $2M in rewards as Curve launches on Harmony blockchain

• PoolTogether launches v4: More prizes, better odds and aggregated liquidity

• Rari Capital doubles TVL to $1B in just two weeks thanks to high yields

Check the latest prices on crypto.com/price

Notable Events

• DOT rallied almost 30% this week to reach a five-month ATH of $44 amid news that Polkadot’s Parachain auctions are going ahead on 11 November. 

• Balancer announced the launch of Tempus Finance on Balancer V2, including a principle-yield AMM.

• Ren announced the launch of Ren Labs to help grow Ren as its own L1 by building directly on top of it or by directly using its cross-chain assets.

• UniSwap has hired Obama’s former spokesperson Hari Sevugan to manage the company’s public facing communications amid tightening regulatory stance from the SEC on DeFi and crypto.

Notable Events

• All DEXes increased in TVL, in line with the general DeFi TVL increase this week from the top 100 DeFi tokens, whose cumulative market cap rose from $119.2B to $130.3B this week. However, the majority’s 7-day average volumes plunged, except for Pancake and SpookySwap. SpookySwap launched ‘Magicats’, where users can mint NFT in late October. (ref)

• Fantom continued its impressive activity across all metrics, although the 7-day average volume growth narrowed almost 85%, from 70% to 11% last week.

• Trader Joe launched Banker Joe - a lending platform on Avalanche ecosystem to provide a ‘fully formed in-house DEX and lending protocol on the Avalanche ecosystem’. (ref)

Thank you for reading! We hope you find our Weekly DeFi Update enlightening!

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